- Aug 31, 2005
- 3,164
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100% I work in IT for a big US finance company and deal with a lot of the contract.Not wishing to contradict, but just over a week ago we got a call from our client who said “we’ve got a call at 7pm with the buyer, there’s going to be a chip”.
We got instructed end of May to sell this building. 100s of millions of pounds. We’d all been working on the basis that “the price is is the price” from Day 1. That call was THE DAY we were supposed to exchange - we were in the final stages of issuing the final form contract and all of the annexures to it.
It absolutely DOES happen and it usually happens when you’re so close that neither side are really actually going to pull out. In fact it’s an entirely common story at the moment. And it does work.
All buyers are getting squeezed on interest rates - term sheets are getting ripped up. I can’t imagine it’s any difference for Spurs or any club using debt.
Whilst I can’t attest to this particular situation in the football industry, to suggest this sort of thing doesn’t happen/work at the top end where people are dealing with 100s of millions of pounds worth of assets isn’t right from my experience.
Without fail on anything big enough in value we negotiate until our balls are blue and then our senior exec comes in and tells them we are pulling out unless go lower